ENCyber risks to countries in the Baltic Sea region (Denmark, Sweden, Finland, Estonia, Latvia, Lithuania, Poland and Germany) have emerged as a key strategic concern in the last decade, as governments and companies have adopted information technology (IT) at a rapid pace. The following analysis will identify specific categories of risks, assess their severity and forecast future trends in cyber threats to the region. Russia (also a littoral state on the Baltic Sea) will be approached in this report as a threat sponsor, though it undoubtedly faces cyber threats of its own.